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Women's Retirement Protection: Enhanced Financial Security for Spouses and Part-Time Workers.

This act aims to enhance women's financial security in retirement by strengthening spousal protections for retirement benefits and making it easier for part-time workers to access retirement plans. It also introduces financial literacy programs and support for vulnerable women to help them manage their finances and claim entitled benefits.
Key points
Increased Spousal Protection: Spousal consent will be required for distributions from defined contribution plans, safeguarding joint retirement savings.
Easier Retirement Access for Part-Time Workers: Reduced eligibility requirements to 500 hours of service per year for two consecutive years for retirement plan participation.
Financial Support and Education: Grants for financial literacy programs for women and assistance for low-income women and domestic violence survivors in obtaining retirement benefits.
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Additional Information
Women's Retirement Protection Act
Print number: S 2446
Sponsor: Sen. Murray, Patty [D-WA]
Process start date: 2021-07-22